An essential oil is a concentrated hydrophobic liquid containing volatile aroma compounds from the plant. They are also known as aromatic oils, fragrant oils, steam volatile oils, ethereal oils, or simply as the "oil of" the plant material from which they were extracted, such as oil of black pepper. Essential oil is used in perfumery, aromatherapy, cosmetics, incense, medicine, household cleaning products and for flavoring food and drink. They are valuable commodities in the fragrance and food industries. Essential oils are usually colorless, particularly when fresh. Nevertheless, with age essential oil may oxidize which resulting the color becomes darker. Therefore, essential oil needs to be stored in a cool, dry place tightly stoppered and preferably full in amber glass containers.
The Indian spices market is pegged at Rs. 40, 000 crore annually, of which the branded segment makes up 15 per cent. The population in India is surging and the increasing consumer expenditure on food explains the swelling demand for food in India. Accordingly, the demand for spices is expected to grow in the future which will lead to a prominent growth in the revenues from the sales of spices in India. The revenues from India market are expected to expand to around USD 18 billion in FY’2020, growing with a CAGR from FY’2016 to FY’2020.
The global black pepper market is expected to grow at a CAGR of around 5% during 2019-2024. Black pepper, also known as ground black peppercorn, is a highly consumed commodity that is used as an ingredient in the culinary world. It is a pungent, hot-tasting powder spice that is produced from unripe drupes of the pepper plant.
Few Indian major players are as under:
· A V I Industries Ltd.
· Concert Spices & Exports Ltd.
· Kancor Ingredients Ltd.
· Plant Lipids Pvt. Ltd.